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  #1  
Old 01-28-2013, 04:44 PM
Debra's Avatar
Debra Debra is offline
 
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Default usda? zoned B2-retail business-non-conforming residential use

USDA question!.....went to the property today. Then, called zoning a few hours later. It's being used as residential, is being purchased to live in, was marketed as residential. Most of the properties on the street are residential. Best I can tell so far, it does back up to and on one side is a bank property. On one side is a residential property and across the street are residential houses. At this time, it's highest and best use is residential. However, it's zoned b2-retail business and it can not be built back as a residential property if it is destroyed. It was grandfathered in as non-conforming residential use according to local zoning. The house was built in the 1960s. Will usda lend on this property? I read somewhere that usda will loan on "legal non-conforming" but am not finding it at the moment and need a fast answer if possible. help?
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Old 01-28-2013, 04:59 PM
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Debra Debra is offline
 
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4150.2, page 19:

"Zoning Compliance:
• Determine whether the current use is in compliance with the zoning ordinances. Mark whether it is Legal, Legal Non-Conforming (Grandfathered Use), No Zoning, or Illegal Use.
• If the existing property does not comply with all of the current zoning regulations (use, lot size, improvement size, off street parking, etc.) but is accepted by the local zoning authority, enter “Legal Non-Conforming” and provide a brief explanation."

So, if I'm reading this correctly, if it's considered "LEGAL non-conforming" then it is acceptable for usda. Please correct me if I'm wrong. Thanks!
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Old 01-28-2013, 06:45 PM
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Mile High Trout Mile High Trout is offline
 
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Sorry no answer for you on that front.

But would this require a little technical scope of work alteration though? Since you'll be excluding the 'as converted use' analysis?
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Old 01-29-2013, 08:15 AM
sputnam sputnam is offline
 
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It's not really your job to make sure that USDA will make the loan. Your job is to do the best appraisal you can. Check the legal non-conforming box, comment that the improvements can't be rebuilt if destroyed, and leave the underwriting to the lender.
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Old 01-29-2013, 09:05 AM
leelansford leelansford is offline
 
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Quote:
Originally Posted by Debra View Post

...it can not be built back as a residential property if it is destroyed.
...


In your report of the appraisal, how will you demonstrate the market's reaction to this status?
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  #6  
Old 01-29-2013, 09:12 AM
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Debra Debra is offline
 
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Well, they just put the order on hold.
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